Former White House Communications Director Anthony Scaramucci recently expressed his admiration for MicroStrategy co-founder Michael Saylor's approach to Bitcoin. Saylor, who previously influenced Scaramucci to revise the conclusion of his book, has witnessed his company's financial performance closely tied to Bitcoin's recent price fluctuations. Bitcoin experienced a significant correction from approximately $126,000 in early October to around $82,000 by late November, a downturn that once again highlighted MicroStrategy's strong correlation with the cryptocurrency's market movements.
MicroStrategy's Regulatory Scrutiny
JPMorgan had previously issued a warning that MicroStrategy could be excluded from major equity indices, including the MSCI USA Index. This index tracks large- and mid-cap U.S. companies, representing approximately 85% of the U.S. stock market. On December 2, MSCI confirmed it was reviewing MicroStrategy's eligibility for several of its indexes. The review was prompted by a potential rule change that could exclude firms whose business model primarily involves acquiring cryptocurrencies, as these are considered to resemble investment funds rather than operating companies. Saylor has stated that MicroStrategy is engaged in "active discussions" with MSCI regarding this review.
Analysts at TD Cowen, citing the need for prudent liquidity management during periods of market turbulence, reduced their price target for MicroStrategy from $535 to $500. They also lowered the company's earnings multiple from 9x to 5x, pointing to increased volatility and leverage exposure.
Scaramucci Commends Saylor's Bitcoin Strategy
On December 1, MicroStrategy announced the establishment of a $1.44 billion U.S. dollar reserve. This move was intended to bolster liquidity following a decline in its market-implied net asset value (mNAV), a critical ratio that compares the company's enterprise value to its Bitcoin holdings per share. MicroStrategy's mNAV has recently fallen close to 1x, indicating that the company's stock is now trading at a valuation nearly in line with its Bitcoin reserves.
Further demonstrating its commitment to Bitcoin, on December 8, MicroStrategy disclosed the purchase of an additional 10,624 BTC for $962.7 million, at an average price of $90,615 per Bitcoin. This acquisition increased the company's total holdings to 660,624 BTC, valued at $49.35 billion, with an average acquisition cost of $74,696 per Bitcoin.
Reacting to these developments on X (formerly Twitter), Scaramucci praised Saylor's strategic decisions.
He’s the man. Builds a US dollar backstop and then gets back to selling equity to buy btc which further strengthens balance sheet. the equity sales are accretive (albeit barely) but v smart for his balance sheet --- and overall btc market. really smart stuff
He’s the man. Builds a US dollar backstop and then gets back to selling equity to buy btc which further strengthens balance sheet. the equity sales are accretive (albeit barely) but v smart for his balance sheet --- and overall btc market. really smart stuff https://t.co/nLL8oh1wko
— Anthony Scaramucci (@Scaramucci) December 8, 2025
At the time of reporting, MicroStrategy (MSTR) was trading at $181.85, reflecting a 1.6% increase over the day.

